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The Threes in the Trees

With another new high sale for new construction in the Tree Section, it's time for another iteration of our theme: 3 is the new 2 in Manhattan Beach.

What we mean here is that there was a time when new construction in the Tree Section could be had for a $2 million-ish price. (Use your Wayback Machine.) Now, there will be a 3 in front, for sure.

3101 Maple (5br/5ba, 3200 sqft.) is the newest example. And for this one, they've pushed the ceiling a little higher.

Oh, we don't mean 11' ceilings in the living areas or bedrooms. We mean that a sale price here of $3.500M raises the bar yet again for local home prices.

At 3200 sqft., this is quite nearly $1,100/PSF for a home that's east of Pacific.

The deal was arranged during construction, while the property was being marketed but before actual buyers could walk through and see or touch a built house.

Looking only at the most recent, publicly reported new construction comps in the Trees, we see something a bit surprising. There's a cluster in late 2014 and not much to look at from 2015. Here are the 3+ sales of new construction on typical size lots (highest to lowest prices):

Late in 2015, we saw 3113 Walnut (5br/5ba, 3320 sqft.), a very snazzy modern new home, come out asking $3.280M ($988/PSF) before taking a pause from the market. It'll be back and you have to expect a 3-handle still. (Look at the comps.)

[UPDATE: The day after this post went live, 3113 Walnut came back at $3.280M.]

There are a few new construction projects wrapping up now east of Pacific that will be looking to match or better 3101 Maple's $3.5M take.

And of course you already see on the market two new homes looking for dollars in this rarefied air: